From FT Alphaville and Markets Now, A Bryce Elder Production:
FADE IN
INT. BOARDROOM - DAY
Executives
sit round a mahogany table, their chairs extremely widely spaced. On the
wall is a videoconference screen showing the CEO, an unkempt
middle-aged man in a rugby shirt, who has patched in from his farmhouse
near Auchterarder.
CIO - “... So in light of recent market
volatility we have reallocated a majority of the investment portfolio to
Pershing Square. We feel this is a prudent decision given Mr Ackman has
been generating around 30 per cent alpha .... [softly] net of fees.”
CEO - “Over what period?”
CIO - “Year to date.”
CEO - “How was the outperformance achieved?”
CIO - “Well, he took out a minuscule bet on investment-grade CDS that went vertical and delivered a 9,529 per cent return ... ”
....
MUCH MORE
